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Mish and I were unable to connect this week, so here's what was on my mind for that podcast.

One of the fundamental aspects of life today is that so many people are unable or unwilling to understand the nature of the predicament, which leads to all sorts of understandable, but unproductive, outbursts.

Put simply, people don't want their stuff to go away. This is perfectly normal and understandable; the only problem is that a lot of people's expectations are entirely unrealistic and were formed during a period of time when they were, individually or collectively as a nation, living well beyond their means.

Cutting back is hard, and necessary, and it seems that many people are unwilling to entertain either the prospect of having less or the inevitability of the coming decline in living standards...